March 10, 2020 / 10:19 AM / 22 days ago

Kremlin says cannot rule out Russia and Saudi Arabia resuming oil talks

MOSCOW, March 10 (Reuters) - The Kremlin said on Tuesday that nobody was excluding the possibility that Russia and Saudi Arabia could resume negotiations about oil output cooperation despite talks on the subject ending in acrimony on Friday.

Kremlin spokesman Dmitry Peskov was talking after talks between the Organization of the Petroleum Exporting Countries (OPEC), which includes Saudi Arabia, and OPEC+, which includes Russia, unravelled in Vienna on Friday causing a steep plunge in the oil price.

Peskov told reporters that market volatility caused by the oil price crash was likely to continue for a while, but said such volatility had been forecast and factored in.

Peskov said Russia’s economy had sufficient international reserves and was sufficiently robust to weather any temporary market instability. (Reporting by Maria Kiselyova, Tom Balmforth and Katya Golubkova Editing by Andrew Osborn)

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